Magnetar Financial LLC Makes New $4.82 Million Investment in Park Hotels & Resorts Inc. (NYSE:PK)

Magnetar Financial LLC bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 321,583 shares of the financial services provider’s stock, valued at approximately $4,817,000. Magnetar Financial LLC owned 0.15% of Park Hotels & Resorts at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fidelis Capital Partners LLC bought a new stake in shares of Park Hotels & Resorts in the 1st quarter valued at $26,000. Raleigh Capital Management Inc. bought a new stake in shares of Park Hotels & Resorts in the fourth quarter worth about $35,000. YHB Investment Advisors Inc. acquired a new stake in shares of Park Hotels & Resorts during the first quarter worth about $40,000. FinTrust Capital Advisors LLC lifted its holdings in shares of Park Hotels & Resorts by 260.5% during the 1st quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 3,668 shares in the last quarter. Finally, EntryPoint Capital LLC lifted its holdings in shares of Park Hotels & Resorts by 53.5% during the 1st quarter. EntryPoint Capital LLC now owns 6,488 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 2,260 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PK. UBS Group dropped their target price on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Wells Fargo & Company lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Wedbush reaffirmed a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Evercore ISI reduced their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Finally, Truist Financial dropped their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.96.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $15.60 on Monday. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The company has a market cap of $3.29 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.68 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.58 and a current ratio of 1.58. The stock’s 50-day simple moving average is $14.56 and its 200 day simple moving average is $15.55.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.30). Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. The company had revenue of $686.00 million for the quarter, compared to analyst estimates of $694.94 million. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio is currently 227.27%.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.